Publicly owned companies, like many U.S. refineries, have a fiduciary responsibility (which is a legal obligation) to act in the best interest of their shareholders, and that extends to how companies spend their earnings. Often, earnings are spent on a combination of the following: direct dividends, stock buy back programs, paying down debt and capital investment projects.
AFPM President and CEO Chet Thompson issued the following statement in response to President Biden’s State of the Union address: "Using the State of the Union to politicize market fundamentals and single out stock “buy back” programs—while overlooking the fact that the Biden administration’s own policies discourage the reinvestment of earnings back into the U.S. liquid fuel supply chain—cheapens the dialog for everyone."
AFPM issued the following statement on the passage of California legislation that will empower the state’s unelected bureaucracy to impose an effective windfall tax and massive regulatory burden on the state’s remaining refineries. "...Add this legislative cocktail to the list of self-inflicted policy wounds for a state already bleeding people."
Governor Gavin Newsom continues to blame fuel refiners for California’s highest-in-the-nation fuel prices. He couldn't be more wrong. The problem and solution to much of California’s fuel price challenge can be found in Sacramento policy. Take a look to better understand the role of policy in regional price differences, why it’s inaccurate to equate “margins” or “refinery cracks” with “profits,” and why windfall profit taxes are a known policy failure.
WASHINGTON, D.C. — American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson issued the following statement on the inauguration of the 47th President of the United States and the opportunity to advance policies that deliver for American energy manufacturers and consumers:
Today, AFPM launched an advertising campaign asking President Trump to keep his promise to protect U.S. refiners from unchecked ethanol mandates that threaten to kill our jobs.
If you are an educator or parent looking for a range of industry related tools to assist with lesson plans, classroom demonstrations and activities, several organizations have a variety of resources available.
Many careers in the fuel and petrochemical industries only require a high school diploma; however, pursuing a certificate, 2-year, 4-year, or advanced degree can make you a more competitive candidate...
